Ann: Target's Statement, page-2

7 TAP OIL’S LARGEST SHAREHOLDER DOES NOT INTEND TO ACCEPT THE OFFER Mr Chatchai Yenbamroong is Tap Oil’s largest shareholder holding approximately 25.5% of the Shares in Tap Oil both directly and through his 100% owned Northern Gulf Petroleum Holdings Limited (Northern Gulf). Mr Chatchai Yenbamroong and Northern Gulf have each advised Tap Oil that they intend to REJECT the Offer at the current Offer Price of $0.070 per Share.